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The Hour Glass expands to New Zealand; buys Auckland's Mansors Jewellers

LUXURY watch retailer The Hour Glass is expanding to New Zealand by acquiring Auckland-based Mansors Jewellers and two prime retail and commercial properties in the city, it said on Thursday.

The group is buying the entire operation of Mansors Jewellers, a family-owned business managed by three generations since it started in 1953. It represents a curated selection ofluxury brands including Rolex, Cartier and Chopard and also manages New Zealand’s onlyofficially certified Rolex service centre. 

The Hour Glass is investing more than NZ$80 million (S$70.9 million) in the acquisitions to mark its entry into New Zealand via its largest city. The mainboard-listed firm on Jan 22 said it is purchasing the two retail and office properties in Auckland for NZ$60 million. 

The acquisitions are driven by the country's fundamentals such as its highly developed free-market economy, strong governance framework and fast developing luxury market, said the company. It added that it views New Zealand as a greenfield luxury watch market.

Mansors Jewellers' David Mansor said that despite being approached by other interested parties, he was pleased to have finally selected the right buyer for the business.

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The business is located at 154 Queen Street, while the two properties are located at 90-92 Queen Street and 112-116 Queen Street.

The first property, Blackett's Building, is a five-storey building with 9,700 square feet (sq ft) of gross lettable area. The second property, which will be bought from Securities House Trustee, has a gross lettable area of 9,000 sq ft.

Both buildings are located in Auckland's luxury retail precinct and are tenanted.

Shares of The Hour Glass closed up S$0.01 or 1.3 per cent to S$0.765 on Wednesday.

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